I know this might be somewhat controversial but I want to share my thoughts on why I do not believe in bitcoin.

For me a block chain needs to provide some solution. If it doesn't, than the whole project is nothing more than a bubble. 

This brings us to the first reason:

Just because it was first doesn't mean it is the best

At the beginning the bitcoin was providing anonymous fast international transactions that were disconnected from the compromised financial world that nobody wanted to have anything to do after 2008 crisis. And back in the day that was enough.

Nowadays we have dozens of different solutions that are offering us more useful features.

ETH, DOT, LUNA are just the first that roll off the tip of my tongue.

Second reason:

Potential to earn/grow is much smaller.

Imagine* you have 10 000 $ laying around and waiting.

BTC being around 50 000$ you will get 0.2 BTC

If BTC goes to 55 000$ you just earned 1000$

Now imagine 2 to 3 weeks ago buying LUNA by the price of 5$ you would have 2000 LUNA

Now LUNA is around 15$ and you just earned 20 000$

 Same thing happened with DOT, imagine buying it around last Christmas at the price of 5$ and know it is worth 30$

6 times more worth, for BTC to make it, it would need to go up to 300 000 $!

*All that is without any fees

Third reason:

Bitcoin have awaken some big forces

First big banks and corporations - this is not 2017 when big heavy bank were making fun of bitcoin and taking payments in cryptocurrencies nowadays everybody wants to be on the hype train. Banks - as they see there are some money to be made this way. Corporations - well you look like you are innovative as you buy BTC and ETH. So your company must be really knowing what is going on - and the stock prices go up. And when you combine this with the fact that many high level managers and CEO's are paid in stock options than you will now why they are pumping this hype. 

But they are not going to pay ATH prices, they will push governments and other institutions to lower the price before they buy it. 

Just recall the mining ban and the India plan to ban Bitcoin.

Before we go to the last reason:

How do I explain the current Bitcoin hype, the last month ATH? 

Pandemic and all kinds of stimulus checks. During the pandemic they closed a lot of stuff, pubs, restaurants, hotels, fitness centers, swimming pools not to mention casinos and in some cases even beaches and forests. This led us all to watch everything on Netflix, prime, Disney, Hulu and all other platforms. After that we turned to games what caused enormous lags on many servers. 

But with every frag, and mission accomplished people were getting  bored.

While being pumped by the media propaganda on recession and that there are and there will be no more ordinary jobs more and more people started the search for new ways of making money. 

Last:

The mechanism behind mining

I do not believe in the halving system and or the whole embedded deflation system.

 Come on, this is slowly lowering the amount of miners and that is simply making the network less secure. Without any GAS being burned to pay the ones who are making sure the network works and is secure sooner or later you will face some true problems as don't be gullible, nobody is going to do the work for free. 

Photo by Alesia Kozik